LINE Corp., a Tokyo-based subsidiary of the South Korean internet search Naver Corp., and Yahoo Japan are expected to combine with each other to give rise to the world’s largest blockchain company. Each of the Japanese subsidiary of Naver and the sub-subsidiary of Softbank is currently running a cryptocurrency exchange approved by the Financial Services Agency of Japan.
News about the merger came out on Nov. 13. The next day, Naver said that LINE and Z holdings are considering various methods for enhancing business competitiveness although nothing can be said for sure as of now.
According to industry experts, the merger is expected to result in the biggest synergy in fintech services as well as Web search and e-commerce. At present, both companies are concentrating their resources on cryptocurrency business. LINE is running the Bitmax cryptocurrency exchange via LVC, its subsidiary in the field of blockchain and cryptocurrency. Yahoo Japan has run Taotao, a major cryptocurrency exchange in Japan, since the acquisition via its subsidiary Z Corp.
Much attention is being paid to whether the major Internet companies of South Korea and Japan will result in Asia’s leadership in the global blockchain industry. LINE and Yahoo Japan currently have 80 million and 50 million users, respectively.